Your money needs a home—let’s find it one.
If you’re running a small business or startup, you now have three main options for opening a business account to support your operations in or outside of Hong Kong:
- NEW Open an account with a virtual bank – Quick and paper-light, ideal for startups.
- Go with a traditional bank – Reliable and feature-rich, but requires more documentation.
- Use an offshore account – Useful in specific cases, depending on your business model.
Each option has its pros and cons. Let’s break them down.
Traditional Banks: Reliable, Established, but More Involved
Well-known banks like HSBC and DBS continue to be a popular choice, particularly for businesses that need a wide range of services or want to work with an established financial institution.
These banks have begun offering online account opening services for corporate clients, but the onboarding process is still more document-heavy compared to virtual banks.
What You’ll Typically Need:
- Company incorporation documents (e.g. Certificate of Incorporation, Articles of Association, Business Registration Certificate)
- Identification documents for all directors, beneficial owners (with 10%+ shareholding), and authorized signatories
- Business proof (e.g. a business plan, website, client contracts, or audited financials)
- Documents for corporate shareholders, if applicable
- A deposit, usually between HKD 10,000–50,000
- A video call or online interview with bank staff after pre-approval
This route can take longer but offers a higher degree of credibility and broader financial services—especially if your business has international operations.
Virtual Banks: Fast, Flexible, and Great for SMEs
If you’re looking for speed and convenience, virtual banks such as Currenxie, Statrys, and Airwallex are becoming the go-to for SMEs and digital entrepreneurs.
Key Benefits:
- 100% online setup – no need to be in Hong Kong
- Faster turnaround – typically 2 to 7 days
- Lower or no opening fees
- Ability to send/receive multi-currency payments
- Seamless integration with platforms like PayPal, Stripe, and Amazon Pay
All you need to get started are digital copies of passports for directors and shareholders (owning 25%+), and a simple description of your business activities. These accounts are especially useful for startups with digital or cross-border operations.
Offshore Accounts: Useful for Specific Business Models
If opening an account in Hong Kong doesn’t suit your business needs, consider using a bank in your home country or offshore jurisdictions like Singapore, the British Virgin Islands, or Seychelles.
Offshore banking can be ideal for companies with:
- International clients or suppliers
- Specific privacy or tax planning goals
- Operations spread across multiple jurisdictions
Some offshore banks even allow remote account opening, depending on the case. However, eligibility often depends on your business model and financial background.
Keep in Mind: Opening is Just the Start
Choosing the right bank account is just the beginning. Maintaining clean, healthy business finances is an ongoing task—and it’s where many small businesses fall short.
At Monx, our team of tax, finance, and compliance experts helps SMEs stay ahead. From choosing the right bank to ongoing bookkeeping and tax filing, we’re here to support you every step of the way.
Need Help Opening or Managing a Business Bank Account in Hong Kong?
Monx specializes in helping small businesses navigate banking, tax, and compliance in Asia.
Email us at crypto@monx.team or book a meeting with our advisors to get started.
